Here are a couple of suggestions:
1. Don't use the string control. Use an ActiveX control instead, where you can select and color multiple part of the string. A quick test using MS RichTextBox shows that this can be done. It's less easier to control than a LV control, but you're using property nodes anyway. Also, it's windows only.
2. Use the picture control. This will take some more logic, as you will need to remember where you're drawing and what you already drew so that you don't overwrite, but you should be able to handle it.
You can catch the clicks using an event structure (Key Down event).
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